Archives for July 6, 2018

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This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned

Bits of Gold – local Israeli cryptocurrency exchange – has agreed to pass on information to the country’s Tax Authorities on deposits and trading activity.

Israel Tightens the Knot

In what seems to be a step towards tightening up the cryptocurrency trading environment in Israel, the local Tax Authorities have reached an agreement with a local digital exchange Bits of Gold. As reported by local tech-related media outlet Calcalist, the cryptocurrency exchange has agreed to pass on information concerning larger deposits.

Supposedly, the purpose behind the agreement is to prevent acts of tax evasion and money laundering. Apparently, the anonymized and encrypted nature of cryptocurrencies intimidates the regulatory bodies of the country.

Standard AML or a Targeted Approach?

It’s important to note that, as per the current Israeli anti-money laundering laws, all deposits which exceed NIS 50,000 (roughly around $15,000), should be reported to the Israel Money Laundering and Terrorism Financing Prohibition Authority (IMPA). Holders of such accounts are requested to verify the legitimacy of these proceeds, which seems like a regular practice, accepted in a broad range of countries.

The new agreement, however, requires Bits of Gold, which harbors more than 50,000 registered users, to pass on such information to the authorities. The cryptocurrency exchange has to report on transactions which have exceeded $50,000 throughout the last 12 months.

It is worth noting that the country’s Tax Authorities conducted an audit of the same cryptocurrency exchange, according to the local media. A person familiar with the matter has supposedly revealed that the audit was not, in fact, targeting the company itself, but rather, it went after information on large-scale clients.

In January last year, Israel’s Tax Authority issued tax guidelines which deemed cryptocurrencies such as Bitcoin as assets. As such, profits from trading them is subjected to 25% tax while cryptocurrency exchanges are also required to pay 17% VAT.

Do you think Israel’s move is justified? Don’t hesitate to let us know in the comments below.

The newly-promoted English Premier League side Wolverhampton Wanderers will sport cryptocurrency exchange platform CoinDeal on its sleeve for the first time in the club’s history.

Top-Flight Promotion

The Wolverhampton Wanderers, known as the Wolves’, will be returning to England’s top flight for the first time in six years. Additionally, the club has signed a deal with CoinDeal — which will see the cryptocurrency exchange’s logo featured on the team’s sleeve for the entirety of the 2018/19 season.

As reported by SportsPro, CoinDeal’s branding will also be displayed on the first team training kits, as well as on LED advertising boards and the first team dugout at the club’s home stadium.

Once more a partner has agreed to tweaking the colour of their logo to complement our kit, which is a huge gesture of goodwill towards the club and its fans, and something we are very grateful for. CoinDeal is a bold and progressive company, who we believe to be an ideal match to become one of our principal partners, and we look forward to working with them throughout our first season back in the Premier League.

Likewise, CoinDeal co-founder Kajetan Maćkowiak also expressed his enthusiasm at the partnership, stating:

At CoinDeal we are very aware of the impact that football marketing can have on [a] brand and its community, especially in [an] industry such as ours. We believe that a club like Wolves will help portray our message globally. It is an incredibly exciting time to be involved with Wolves, on the eve of their return to the English Premier League and we look forward to supporting them to ensure they continue their incredible performance levels both on and off the pitch.

The English Premier League is one of the most-watched sports leagues in the world, and CoinDeal’s partnership with Wolverhampton’s newly-promoted side will undoubtedly provide an immense amount of exposure for not only the exchange but cryptocurrency in general.

The Wolves’ primary shirt sponsor for the upcoming Premier League season is W88, an online gaming brand.

Cryptocurrency has also recently pushed itself into the sporting world when the NBA’s Sacramento Kings announced the organization’s Ethereum mining operations from a data center in its home stadium.

What do you think about CoinDeal’s partnership with an English Premier League side? Do you think this will create greater exposure for the cryptocurrency market? Let us know in the comments below!

South Korea, a country that has banned ICOs, plans to loosen restrictions on cryptocurrencies based on efforts by G20 to create uniform regulations, according to The Korea Times. The G20 meeting established a July deadline for taking a first step on “unified regulations.” The recent announcement from South Korea is part of a loosening of

South Korea, a country that has banned ICOs, plans to loosen restrictions on cryptocurrencies based on efforts by G20 to create uniform regulations, according to The Korea Times. The G20 meeting established a July deadline for taking a first step on “unified regulations.” The recent announcement from South Korea is part of a loosening of

The highest court in India this week upheld the reserve bank’s decree prohibiting the country’s banks and other regulated lenders from dealing with or supporting any cryptocurrency-related services, including allowing customers to buy crypto with credit cards.

The total market cap for all cryptocurrencies and assets currently stands at ~US$250 billion, unchanged since the beginning of the quarter. The total market cap peaked at the start of this year, at around US$800 billion, followed by a 3 month decline. The total market cap then rebounded from April to May, before giving up those gains just as quickly.